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Tag: Wema Bank

  • Wema Bank promotes home ownership for youths

    Wema Bank promotes home ownership for youths

    Wema Bank Plc has reiterated its commitment to give the millennials (the youths) the opportunity to save and have their own homes, own cars or go on vacation.

    Armed with over seven decades experience on providing banking services, Wema Bank introduced an insight-driven, innovative digital offering to Nigerians earlier in the year.

    The ALAT is Wema’s Digital Bank, the first fully digital bank in the country. Through the product, the lender hopes millennials will be encouraged to save more towards projects they would love to undertake.

    As the government strives to improve housing in the country, Wema Bank is encouraging Nigerians to exploit the opportunity it presents to start saving for their homes.

    “Even if you would access mortgage loan, you still need to save towards a down payment,” explains Funmilayo Falola who manages Wema Bank’s branding and marketing communications. “With your ALAT savings goal, you can save at your own convenience towards this.”

    “ Save for your next home and Wema Bank will furnish it. All you need to do is open an ALAT account by downloading the ALAT app from your Google Play Store or iOS App Store. Then, create a Savings Goal and make the title My Dream Home”.

    “You can determine how often you save but saving is automated once you make your choice. But make sure you have figured out where and how you want to live, how much home you can afford (considering your current income, expenses and future goals),” the bank explained.

    “If you are taking a mortgage loan, you’d also consider the down payment, which may be up to 30 percent of the total value of the home being purchased. There are other associated costs, including furnishing, which Wema Bank has offered to pay for,” it said.

    The need to boost housing availability follows Nigeria’s rising housing deficit, estimated to be about 17 million units. “While the government has often assured citizens of its commitment to providing affordable housing, and reducing the deficit, the minister in charge of Housing Babatunde Fashola said in November 2016 that the size of government resources and its ambition will determine the success of its housing plans,” it added.

  • Wema Bank organises educational awards

    Wema Bank organises educational awards

    Wema Bank Plc has continued its support for education through the annual Wema Educational Awards. The bank is giving out N50,000 grant to 20 holders of its Royal Kiddies Account.

    “The importance of education to children cannot be overemphasized,” says Dotun Ifebogun, who heads Retail & SME at Wema Bank. “Schools do not only teach the subjects listed, they enable children to learn more about themselves, their immediate society and the world at large. The confidence and self-belief needed to be able to achieve in life is usually developed while in school.”

    Wema Bank started the Wema Educational Awards in 2013 and has given out over N5 million grant to support the education of children who are holders of its Royal Kiddies Account. The account is for children aged between day one to 12 years.

    The Royal Kiddies Account has attractive interest rate, one per cent above standard savings account. The account is set up to encourage saving, with parents able to give a standing order for regular savings from their accounts. It also allows for lodgment of dividend warrants and cheques in the child’s name. Bank draft purchased for payment of school fees for the account holder comes without charges. If it becomes difficult to pay school fees, parents can obtain up to N3 million loan.

    Commenting on the awards, Head of Brand and Marketing Communications at Wema Bank Funmilayo Falola reiterated the bank’s commitment to investing in the future of Nigeria. “If we are building the Bank of the future in ALAT and we do not invest in the education of our children, we’d be punching holes in our own plans,” Falola says.

    “We will continue to support education in Nigeria because we know that an educated generation is a liberated generation, and nothing prevents one from succeeding when you’ve been liberated,” she adds.

  • Wema Bank targets low cost deposits

    Wema Bank Plc is targeting low cost funds from the retail-end of the market, insisting that retail is the future of banking.

    Speaking at a media briefing in Lagos, its Executive Director, Folake Sanu, said the decline in the bank’s deposit portfolio was a deliberate effort to change the structure of deposit, giving priority to low cost deposits as against term deposits.

    “We are trying to manage high costs of funds that are prevalent in the industry, focusing basically on retail market through savings and current accounts, instead of bloating the deposit base with huge term and time deposits.

    She noted that the loan book remained diversified as there were no significant exposures to upstream oil sub-sector, power sector and foreign currency loans, the areas where some banks had issues during the year.

    “We will grow our loan book to between one and five per cent for the second half of 2017.

    “Small businesses remain drivers of the economy, but financing them remain challenging, so what the bank plans to do is to work with the existing intervention funds from the Bank of Industry, and Central Bank of Nigeria to grow the sector,” she explained.

    The bank also hinted that it may postpone its plan to raise bond this year because of high interest rate.

    The bond issuance, which is part of its strategies to expand the bank’s growth in retail banking, would also support projects aimed at lending to small businesses and attract development and intervention funds.

    The bank’s Chief Finance Officer, Tunde Mabawonku, said the lender has a N50 billion approved bond issuance programme by the Securities and Exchange Commission, of which it has so far offered N6.5 billion, leaving a balance of about N43.5 billion more but may remain locked up due to high rates environment.

    “We had planned to start the bond raising this month, but now interest rate is not only high, its outlook judging from inflation, might still remain high. For us, we have checked our Capital Adequacy Ratio (CAR) and it is still high at 12.5 per cent, and we do not foresee any major decline as the economy is improving.

    “Foreign exchange is available; there is stable liquidity in the market and customers are paying up. So, we are still comfortable even, if CAR goes down to 12 per cent. If rates do not reduce, we might not be in a hurry to raise the bond again this year until April or May next year,” Mabawonku said.

    The bank also praised its flagship digital banking product, ALAT.  It said Wema has made a statement with platform being the first truly digital bank in the country. “What is also unique about this is the fact that our digital bank and all other digital channels provided for customers’comfort are fully owned by Wema,” the bank said.

    Also, WemaMobile platform can be switched to SMS banking, if you run out of data right from within the app. This is an amazing experience that is unique to Wema. “Card Control integration to all our service points (ALAT, USSD Banking, WemaMobile, Wema Online, among others) and giving customers of the bank absolute control over when, where and how their debit and credit cards are used without recourse to the bank is the first of its kind in the Nigerian banking industry. We have also consistently provided very stable and reliable banking services through our digital channels,” it said.

  • Technology is changing face of banking, says Wema Bank ED

    Technology is changing face of banking, says Wema Bank ED

    Technology is changing the way  banking is done, with lenders becoming more technology savvy to meet customers’ needs, Wema Bank Executive Director of Retail & North Directorate, Moruf Oseni has said.

    Speaking during the Digital Pay Expo 2017, a Fintech industry-focused event held in Lagos, he said banks should take steps that will enable them meet customers’ needs better.

    He said that customers should be given a priority in designing banking products and services. “Banks must become customer-centric. This is why Wema Bank created ALAT. We asked customers what they wanted and came back to design a product that addresses customers’ needs,” he said.

    Oseni, who represented Wema Bank’s Managing Director, Segun Oloketuyi, noted that the disruption in the banking industry is real. “There are two ways to react to it. Its either we sit down and wait to be protected by the regulators or work with the ecosystem to build the future of banking,” he said.

    Wema Bank launched ALAT on May 2nd as the bank celebrated its 72 years of existence, shocking the Nigerian banking industry with an innovation unexpected of an old bank. ALAT is Nigeria’s first fully digital bank which empowers Nigerians to run a bank account online without necessarily having to visit a bank.

    With ALAT, account opening/sign-up can be done in five minutes from a mobile phone or personal computer. Holders of the account can also enjoy a simple automated savings plan that will see them earn 10 per cent annual interest – about three times the standard bank rate.

    Debit cards are delivered to an account holder’s address in two business days, anywhere in Nigeria, at no cost. Also, after activating a debit card, an account holder can lock it, unlock it and choose where it works. All these can be done from a mobile phone. The ALAT is available for download on Google’s operating system Android and Apple’s iOS.

  • Wema Bank eyes 3m customers with ALAT Digital Bank

    Wema Bank eyes 3m customers with ALAT Digital Bank

    The Managing Director, Wema Bank Plc, Mr. Segun Oloketuyi, yesterday in Lagos said the lender is eyeing three million customers through its new Wema ALAT, the first fully digital bank in the country.
    Speaking during the unveiling of the digital bank at a ceremony to commemorate the 72 anniversary of the lender, Oloketuyi said the bank is committed to satisfying its present and prospective customers by offering them an optimal banking experience through innovative digital technology.
    “ALAT is the bank for the future and it redefines the seamless relationship we have with our customers. This is an offering to the young professionals, entrepreneurs and students who are tech savvy and always on the move. It is an opportunity to integrate banking into their lifestyle without hassles, by offering them real value, as they desire,” he said.
    ALAT will be accessed via app and web, which is targeting all existing and prospective customers who are tech-savvy and upwardly mobile and it is an app-only, no-physical-contact bank, which will be available to customers from today. ALAT offers customers many benefits that includes a generous interest on their savings account, seamless and fully automated processes, and dedicated 24/7 support channels. This initiative accentuates Wema Bank as an innovative market leader that listens to its customers and meets their lifestyle and technology needs.
    According to Oloketuyi, ALAT is the solution to the present lifestyle of the customer especially the digital natives who are upwardly mobile as banking is no longer just about transactions but also greatly about lifestyle. “This is why it is essential to enunciate that this is not a digital product or just a mobile app, it is a complete bank. We have placed the bank in the palm of the customer and it is convenient, safe, reliable and personalised. We are indeed proud to be presenting Nigeria’s first fully digital bank to Nigerians and offering our customers ease in their daily lives with financial services that meet their way of life,” he reiterated.
    Oloketuyi said that Wema Bank cannot deny the fact that it knows what it has launched into the Nigerian market and the bank is a game changer and it will redefine banking and adapt to the unique needs of today’s mobile economy that desires speed, reliability and convenience. “It will be of great value to undergraduates, young professionals, young entrepreneurs, and busy executives, enabling them to expand their potentials across the globe. You can carry out all of your transactions and not step into a bank, and this includes requesting, receiving and activating your debit card.”
    The ALAT app is simple, convenient and reliable. Customers can open their account by downloading the app which is available on Google Play Store (for Android users), Apple’s App Store (for Apple Users) and available on the web for Blackberry and Window’s phone users. ALAT offers a simple onboarding process without the hassles of filling forms, huge interest on savings, in-app card services (card request, activation and control) ability to schedule recurring transfers and bill payments as well as seamless profile settings. All these made possible by an automated Back-office processes including a 24-hour state-of-the-art Contact Centre, automated Know Your Customer (KYC) process, automated card production and delivery as well as automated Settlement and Reconciliation processes.

  • Why we’re making e-banking accessible to all, by Wema Bank

    Why we’re making e-banking accessible to all, by Wema Bank

    Wema Bank Plc is prioritising electronic banking with its commitment to ensuring that individuals and corporate organisations get the best. The bank, which has received Global Credit Rating’s (GCR’s) National Long-term rating at (BBB), continues to record increasing market penetration and brand acceptance. Its Head, eBusiness, Damola Bolodeoku, speaks to COLLINS NWEZE about the bank’s products, services and drive to deepen e-banking.

    Wema Bank Plc, which has a national banking licence, remains a major player in the electronic banking segment of the market. New products, excellent service delivery and advanced banking technology are some of the key tools helping the lender to exceed customers’ electronic banking expectations.

    Wema Bank’s Head, eBusiness, Damola Bolodeoku, confirmed that the lender remains a key player in the electronic banking space.

    ”We are doing very well. I can boldly say that Wema Bank has one of the best electronic banking offering in the banking industry. We have something for everyone, from individuals to corporate organisations. Apart from the services we offer, one other good thing about Wema Bank is our commitment to security. Our dual-level authentication in online banking as well as our card Control feature help us to guard against fraud,” he said.

    Explaining the card control services, he said the product remains a feature contained in the bank’s electronic banking platform. “The card control features on our electronic banking platforms, such as WemaMobile,WemaOnline, SMSBanking and USSDBanking *945#, makes it possible for a card holder to determine what kind of transactions/payments the card works for. For example, a card holder can set his/her card to work on PoS (Point of Sale) and not work on AutomatedTeller Machines. You can also set the card not to work on all platforms. This puts the card holder in control, reducing incidence of fraud,” he said.

    On the bank’s *945# banking plan, he said: “The *945# is easy and convenient banking in customers’ hands. Customers can carry out banking transactions by simply dialing the USSD short code *945# to experience an array of functions, which include checking account balances on the Go, Quick funds transfer, Instant self and third party airtime recharge, bills payment and many more via their mobile phones.”

    He said the service works via USSD (Unstructured Supplementary Service Data), a technology that allows users to access various services by dialing short codes. “USSD is preferred over the SMS communication channel. In USSD, there is faster data transmission. USSD communication is session-oriented and user-friendly. Transactions are transmitted on a secure network and authenticated with self-generated four-digit PIN. That is not known to the bank.This product is designed to enable banked, unbanked and under-banked individuals that cannot fulfill standard Know Your Customer requirements to achieve their financial goals through their mobile phones while operating a regular bank account,” he said.

    According to Bolodeoku, the945 has been successful and is one of the bank’s top businesses, beating revenue targets and has also helped in on boarding new customers due to the ease of opening new accounts and operating them. Thousands of new accounts are opened every month using *945#.

    On the uniqueness of the product, he said: “There is something we call Cash on the Go; it enables card-less ATM transactions. If you dial *945*8*AMOUNT#, it tells you to input a cash out PIN. Once you input the PIN, it asks for your 945 PIN to authenticate that transaction. You will be given a reference number with which you can withdraw money from any ATM without your card.

    ‘’Another thing is mCash. *945# allows you to pay a merchant after you have finished shopping for your groceries. Instead of you paying via PoS, *945# allows you, regardless of your bank, to pay the merchant without using your card.”

    According to him, the lender 32 menus on *945# and for each of those 32 menus, there is a short code. This means that for the 32 things you can do on *945#, there is a short code you can use for each. This, he said, allows you to access the platform directly without going through the main menu, and standing the risk of transactions timing out.

    On how the bank has benefited from the USSD banking plans, he said: “As I said earlier, *945# is contributing a lot to the bank’s increasing revenue. This is very significant, especially during these tough economic times and stiff competition in the banking industry. The ease of use has encouraged more transactions. For example, you have zero balance on your mobile phone and you are stuck in a place where you cannot buy airtime, all you need to do is dial *945*amount you want to recharge your phone with#”.

    He said the bank’s retail group goes to campuses across the country and they open new accounts on the spot using *945#: we are onboarding more customers due to the availability of *945#.

    “Few months ago, we commenced a partnership with Etisalat we called the account WemaEasySavers. It is for Etisalat subscribers, who just need to dial *945*10# to open an account. Such partnership with a major telco that is well-placed in the youth market segment, where we are also targeting, would not have been possible without *945#. Wema Bank is a very innovative bank and we have proven that in many ways. Be sure that we will continue coming up with more ways for our customers, and of course, the bank to continue to benefit from the amazing *945#,” he said.

    Bolodeoku said the bank has been nominated for some awards in the past and is very hopeful its good works will be recognised this year.

    On competition in the industry, he said: “Competition in the e-payment space is stiff. Bank to bank competition is not even as deadly as FinTech startups-bank competition. Any bank that is not innovative in the times we live in will die a natural death. Competition in the e-payment space may be stiff, but we have, so far, held our own by  innovating”.

    He explained that Wema Bank understands the youth and has been giving them what they want, including what they need for several decades.

    “When physical branches were the norm, we built branches in several higher institutions in the country. Now that the digital age is upon us, we have provided youths access to the best e-banking services on WemaMobile, WemasOnline and *945#. We know how much premium youths place on ease of doing things; all these platforms guarantee this,” he said.

    On the future of e-banking, he said: “With what has been achieved so far, the future can only be better. While we have seen sophistication of ideas in payments, we will also continue to see simplification of some ideas to ensure no one is excluded. If there is one major achievement of *945#, it is opening access to erstwhile financially excluded people in the country. Such ideas working through basic devices will along with other high-tech innovations will make payments easier and more secure in the country.’

  • Wema Bank reopens Kaduna branch

    Wema Bank reopens Kaduna branch

    Wema Bank Plc says it has reopened its branch on Bida Road in Kaduna due to compelling business opportunities.

    A statement issued on Thursday in Lagos, said Mr Segun Oloketuyi, the Managing Director/Chief Executive Officer of bank, made the announcement at the 2nd Kaduna Economic and Investment Summit (KADINVEST) in Kaduna.

    The branch was shut following the scaling down of the bank’s operations in 2009.

    Oloketuyi said, “While it is an immense pleasure to participate in KADINVEST personally and on behalf of Wema Bank, I also believe that the need for tangible investment in Kaduna State is now.

    “As such, today the commencement of KADINVEST 2.0 also marks the opening of our Kaduna branch as we aim to further expand our footprint within the state in the medium to long-term.

    “Wema Bank Plc is therefore pleased to be associated with KADINVEST.

    “We remain committed to the growth of the state and furtherance of the governor’s economic agenda in ensuring that Kaduna State plays a critical role in a robust and truly diversified Nigerian economy.”

    The News Agency of Nigeria (NAN) reports that Wema Bank operates a network of over 136 branches and service centres across Nigeria.

  • Wema Bank appoints non-Executive Director

    Wema Bank Plc. has announced the appointment of Babatunde Oladele Kasali as a Non-Executive Director, following approval by the Central Bank of Nigeria (CBN).

    Kasali is a consummate professional with expertise in Audit, Risk Management, Compliance and Retail banking, spanning over three decades.

    He has served as General Manager and Regional Bank Head for United Bank for Africa Plc., a bank he joined in 1996. While at the bank, he also held several positions such as Chief Inspector, Regional Director and Divisional Director.

    He has also served as Managing Director of Resolution and Restructuring Company Limited. He has also been a Non-Executive Director at UAC of Nigeria Plc since March 27, 2013 and was a Non-Executive Director of UACN Property Development Company Plc, from January 13, 2010 to March 24, 2013. He had from February 2015 to November 26, 2015 served as a Non-Executive Director of Wema Bank Plc.

    Mr. Kasali is a Fellow of the Institute of Chartered Accountants of Nigeria. He graduated with B.Sc (Hons) Degree in Economics from Manchester Metropolitan University, UK in 1977.

    Commenting on the appointment, Adeyinka Asekun, Chairman of Wema Bank said: “It is with great delight that I welcome Mr. Kasali who is joining the Board of Wema Bank Plc. a second time. While he was with us in 2015, he showed exceptionally rich professional and corporate experience; qualities which our board is often looking for.

    “I believe his skills will be valuable to our bank as we continue in our growth phase and in our quest to become the retail bank of choice in Nigeria.”

  • Wema Bank harps on savings culture

    Wema Bank harps on savings culture

    The Deputy Managing Director of Wema Bank Plc, Ademola Adebise, has advised the youth to imbibe budgeting and savings culture, saying, such practice will enable them achieve set life goals and financial freedom.
    Speaking at the Federal Government College (FGC), Enugu, Enugu State, to mark this year’s Financial Literacy Day, he explained that the exercise was celebrated annually in Nigeria as part of the worldwide celebration of the Global Money Week, observed in more than 135 countries.
    “Wema Bank executives were at more than 25 schools across the country to hold financial literacy sessions. They educated the children and youth about the benefits of the age-long idea of saving money in a bank rather than keeping it at home,” a statement from the bank said.
    Adebise urged the youth to learn the art of budgeting. “Budgeting helps you to distinguish between wants and needs. This way, you can set your priorities right,” he said.
    At the interactive session at FGC, Enugu, pupils mentioned things they considered as wants and others they believed were needs. Most of the students present at the event were willing to bank with the lender after learning about gains of savings.
    Wema Bank’s Zonal Manager, Uduak Afandile, answered questions related to account opening and products offered by the bank.

  • Wema Bank posts N54.25b gross earnings

    Wema Bank posts N54.25b gross earnings

    WEMA Bank Plc has released its audited financial results for the 12 months ended December 31, 2016.

    The results showed that the lender grew its gross earnings by 18.48 per cent to N54.25 billion.

    The earnings’ growth was driven by an 18.61 per cent and 13.61 per cent increase in interest and non-interest income.

    The bank’s result released at the weekend, indicated that despite the tough operating environment, it boosted its profit after tax by 14.10 per cent to N2.59 billion compared to N2.27 billion in 2015.

    Its retail customer deposit (savings) improved by 42.79 per cent year-on-year to N53 billion from N34.4 billion due to increasing market share and brand acceptance.

    Speaking on the bank’s performance, its Managing Director/Chief Executive Officer, Segun Oloketuyi, said 2016 was a challenging year given the spate of economic headwinds that impacted the economy and the banking industry.

    “Despite the tough operating environment, Wema Bank recorded a double-digit growth in gross earnings, which rose to 18.48 per cent from N45.79 billion to N54.25 billion.

    “It was driven by an 18.61 per cent and 13.61 per cent increase in interest and non-interest income.”